Healthcare has become very expensive and not everyone can afford it therefore, BoB is aiming to support them by financing medical loan to meet the health expenses.
PURPOSE
Medical loan is aimed to cover emergency or planned medical procedures. A personal medical loan ensures that you get quality medical care with no delay. These medical loans can be used to pay for medical expenses including hospitalisation bills, medical prescription bills, surgeries and other related expenses.
ELIGIBILITY
SALARIED
- Regular employees of Government, Corporations, listed companies, with PFs and gratuity with a minimum of 6 months of confirmed service including probation period.
- Self-employed person with adequate proof of income.
COLLATERAL
- Any individual who has fixed assets (land or (land & building)) with adequate proof of income.
- Existing client – we may accept for extension of securities already charged with the Bank with enough margin of safety and source of repayment.
APPLICANT
The applicant should be a close relative to the diseased or nominated by the patient if the patient is in critical stage. Otherwise, the patient can apply the loan by herself/himself.
GUARANTOR
- Irrespective of the number of years in service, Third Party Guarantee is required for all the applicants mentioned under the eligibility clause; and
- For senior officials and executives who cannot get guarantor of same grade, a guarantor of one grade lower from same agency/ ministry or equivalent position from civil servants/SOEs or their Dy. Officer to be obtained.
- For private employees, employer guarantee or a civil service guarantee with more than 5 years in service to be obtained subject to equivalent or higher net pay than the applicant.
- No guarantor is required if the property is owned by the applicant and repayment is to be serviced by the applicant.
LOAN LIMITS
- Collateral Based: Maximum of Nu. 1,000,000.00 (Inclusive of medical and other expenses)
- Salary Based: Maximum of Nu. 500,000.00 (Inclusive of medical and other expenses)
INTEREST RATE
CLICK HERE to view the Floating/Prevailing interest rate.
TENURE
Maximum 7 years.
SECURITY DETAILS
PF and gratuity backed by guarantor (Bhutanese nationals) and should be a regular/contract employee for all applicants, irrelevant of the employer and the guarantor. They shall stand liable for the loan till the liquidation of the loan. However, the guarantor should not stand guarantee for more than 3 active loans (salary based). To be verified from CIB report.
For Individuals providing fixed assets as collaterals – No guarantor is required in case the securities are in the name of the borrower and repayment is to be serviced by him/her. Otherwise, the borrower has to provide a guarantor possessing fixed assets and income source for servicing the loan.
REQUIRED DOCUMENTS
Checklist for Salary-based Medical Loan
- Application form duly filled by the applicant OR Digital Application form present in BoBLoan;
- Proof of identity for an applicant and the guarantor;
- Proof of identity for an of patient;
- Medical invoice / bill (can be submitted after the treatment);
- Medical Referral report;
- Power of Attorney (If the patient is authorizing another person to apply for loan);
- The Latest Original Pay Slip of the applicant(s) and guarantor duly filled, signed and sealed by salary disbursing Officer; and
- Appointment letter or latest promotion order or concern letter.
Checklist for Collateral-based Medical Loan
- Application form duly filled by the applicant OR Digital Application form present in BoBLoan;
- Proof of identity for an applicant and the guarantor;
- Proof of identity for an of patient;
- Medical invoice / bill (can be submitted after the treatment);
- Medical Referral report;
- Power of Attorney (If the patient is authorizing another person to apply for loan mortgaging the patient’s security);
- Proof of income to service the loan repayment;
- A copy of ownership certificate(s) of the mortgage offered to bank in-case of individuals providing fixed assets;
- Consent letter from the joint owner if the mortgage provided is in joint ownership;
- For family owned land, family tree issued by Department of Civil Registration and Census, and No Objection Certificate from family members (18 years and above); and
- Valid insurance copy of the mortgage offered in case of buildings.